Fuel stocks improve

The Minister of Energy and Power Development, Ambassador Simon Khaya Moyo says as of yesterday, there has been a significant improvement in fuel stocks countrywide due to increased foreign currency allocation towards fuel procurement.

In a statement to ZBC News, Ambassador Khaya Moyo said as a result there has been an increase in the distribution of fuel to various sites across the country which has resulted in improved fuel availability leading to disappearance of queues.

He said the situation is expected to fully normalise in about one week as oil companies are dealing with logistics in fuel delivery to the sites.

Ambassador Khaya Moyo said the recent challenges were as a result of increases in international fuel prices coupled with an increase in the local demand for fuel, adding that there has been an increase in demand for fuel by about 30 percent.

He also said the Reserve Bank of Zimbabwe after consultation with his ministry, Zimbabwe Energy Regulatory Authority (ZERA) and the oil procurement companies has increased foreign currency allocation to the fuel sector from an average of $10 million to $20.3 million per week starting from the 21st of this month.

Ambassador Khaya Moyo added that plans are also underway to further increase allocation for fuel procurement to $90 million per month from the second half of this year.

He however said the government has strategic stocks meant to cushion the nation in the event of supply challenges.